Apex Mining Co., Inc. announced a substantial increase in its financial performance for the first half of 2025. The company’s consolidated net income rose 70% to billion, up from billion in the same period of 2024. This growth was primarily driven by a surge in the average realized prices for gold and silver, which lifted the company’s consolidated revenue by 37% to billion, compared to billion year-on-year.
Despite a slight decrease in gold ounces sold, from 52,993 oz in 1H 2024 to 51,436 oz in 1H 2025, the average realized gold price soared to $3,121 per ounce, a significant increase from $2,264 in the previous year. Similarly, the company’s silver sales saw a 12% increase to 197,925 oz, with the realized price also rising to $38.18 per ounce from $26.86.
Luis R. Sarmiento, ASEAN Eng., President and CEO of Apex Mining, highlighted the company’s broader impact. “Alongside our continued growth and strong performance is our increasing contribution to nation-building through payment of taxes.” The company was recently recognized as the Top 1 Business Taxpayer and Top 2 Real Property Taxpayer for 2025 by the Municipality of Maco, remitting over P200 million in business taxes and over P6 million in real property tax for the year. Additionally, consolidated excise taxes paid amounted to P363 million in 1H 2025, up from P267 million in 2024.
Support for the Mansaka, the host Indigenous People of the Maco operations, also increased, with paid surface rights royalty and other relevant fees growing by 11% to P23.61 million.
The company’s strong performance and management were further recognized when it was awarded Best Managed Company (Bronze Award/Philippines) under the Basic Materials category at the Asia’s Best Companies awards organized by Finance Asia in June.
Billy G. Torres, Senior Vice President and CFO, noted, “Because of higher tonnage processed at a lower grade, our variable costs such as materials, power, royalties and surface rights, SDMP, and refining costs increased by 10%.” Finance costs also increased due to higher loan balances following a P108 million Omnibus Loan and Security Agreement secured in December 2024 for the acquisition of Asia-Alliance Mining Resources Corp (AAMRC). The permitting and resource validation for AAMRC are currently ongoing.
Apex Mining’s Maco Mine has certified reserves and resources to continue operations until 2034. The company’s stock has reflected this steady performance, growing 523% from January 2, 2020, to June 30, 2025.
